{"id":256689,"date":"2024-06-21T11:31:50","date_gmt":"2024-06-21T15:31:50","guid":{"rendered":"https:\/\/stockchase.com\/discover\/?p=256689"},"modified":"2024-06-21T11:32:06","modified_gmt":"2024-06-21T15:32:06","slug":"wealthsimple-vs-questrade","status":"publish","type":"post","link":"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/","title":{"rendered":"Wealthsimple vs Questrade: Which is the Right Broker for you?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">If you are considering opening a brokerage account with either <a href=\"https:\/\/my.wealthsimple.com\/app\/public\/promo?code=stockchasetrade&amp;locale=en-ca&amp;clickid=TUIQ4yw2exyIUgg3y0R:YzP4UkGz7hSlVzwM2I0&amp;irgwc=1&amp;utm_source=impactradius&amp;utm_term=Online%20Tracking%20Link_ONLINE_TRACKING_LINK&amp;utm_medium=performance&amp;utm_campaign=1790066\" target=\"_blank\" rel=\"noopener\">Wealthsimple<\/a><\/span><span style=\"font-weight: 400;\">\u00a0or <a href=\"https:\/\/stockchase.com\/discover\/go\/questrade\/\">Questrade<\/a><\/span><span style=\"font-weight: 400;\">, you\u2019re in the right place.<\/span><\/p>\n<p><b>We compared the two companies in regards to their account types, offerings, fees, and safety to give you the complete picture before you go with either.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The good thing about Wealthsimple and <a href=\"https:\/\/stockchase.com\/discover\/questrade-vs-competitors-review\/\">Questrade<\/a> is that they have more differences than they have similarities. That will make it an easy feat for you to choose between them.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s start with a table that shows those differences and then we\u2019ll dive a bit deeper into each aspect of this Wealthsimple vs Questrade comparison guide\u2026<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Discover What&#039;s Inside<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Wealthsimple_vs_Questrade_A_Head-to-Head_Comparison\" >Wealthsimple vs Questrade: A Head-to-Head Comparison<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Wealthsimple_vs_Questrade_At_a_Glance\" >Wealthsimple vs Questrade: At a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Wealthsimple_vs_Questrade_Account_Types\" >Wealthsimple vs Questrade: Account Types<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Wealthsimple_and_Questrades_Common_Account_Types\" >Wealthsimple and Questrade\u2019s Common Account Types<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Wealthsimple_Account_Types_that_Questrade_Doesnt_Offer\" >Wealthsimple (Account Types that Questrade Doesn\u2019t Offer)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Questrade_Account_Types_that_Wealthsimple_Doesnt_Offer\" >Questrade (Account Types that Wealthsimple Doesn\u2019t Offer)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Wealthsimple_vs_Questrade_Offerings_and_Fees\" >Wealthsimple vs Questrade: Offerings and Fees<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Wealthsimple_and_Questrades_Common_Offerings\" >Wealthsimple and Questrade\u2019s Common Offerings<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Wealthsimple_Offerings_that_Questrade_Doesnt_Have\" >Wealthsimple (Offerings that Questrade Doesn\u2019t Have)<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Wealthsimple_Invest\" >Wealthsimple Invest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Wealthsimple_Cash\" >Wealthsimple Cash<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Wealthsimple_Crypto\" >Wealthsimple Crypto<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Questrade_Offerings_that_Wealthsimple_Doesnt_Have\" >Questrade (Offerings that Wealthsimple Doesn\u2019t Have)<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Preferred_Stocks\" >Preferred Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Options\" >Options<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Bonds_and_Canadian_Guaranteed_Investment_Certificates\" >Bonds and Canadian Guaranteed Investment Certificates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#International_Equities\" >International Equities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Precious_Metals\" >Precious Metals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Mutual_funds\" >Mutual funds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#IPOs\" >IPOs<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Wealthsimple_vs_Questrade_Safety\" >Wealthsimple vs Questrade: Safety<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Conclusion_Which_is_the_Right_Broker_for_you\" >Conclusion: Which is the Right Broker for you?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Wealthsimple_vs_Questrade_FAQ\" >Wealthsimple vs Questrade: FAQ<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Should_I_use_both_Questrade_and_Wealthsimple\" >Should I use both Questrade and Wealthsimple?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Is_Questrade_the_same_as_Wealthsimple\" >Is Questrade the same as Wealthsimple?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/stockchase.com\/discover\/wealthsimple-vs-questrade\/#Can_I_transfer_stocks_from_Wealthsimple_to_Questrade\" >Can I transfer stocks from Wealthsimple to Questrade?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Wealthsimple_vs_Questrade_A_Head-to-Head_Comparison\"><\/span><span style=\"font-weight: 400;\">Wealthsimple vs Questrade: A Head-to-Head Comparison<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"size-medium wp-image-263793 aligncenter\" src=\"https:\/\/stockchase.com\/discover\/wp-content\/uploads\/2022\/02\/A-Head-to-Head-Comparison-2-760x237.png\" alt=\"Two boxing gloves pressing against each other with the logos either on or under them\" width=\"760\" height=\"237\" data-wp-pid=\"263793\" \/><\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><a href=\"https:\/\/stockchase.com\/discover\/go\/winvest\"><b>Wealthsimple<\/b><\/a><\/td>\n<td><a href=\"https:\/\/stockchase.com\/discover\/go\/questrade\/\"><b>Questrade<\/b><\/a><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Ideal for<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Those who need a hands-off approach to investing<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Those who can manage their funds on their own<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Account Types<\/span><\/td>\n<td>\n<ul>\n<li><span style=\"font-weight: 400;\">Registered accounts<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Non-registered accounts<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Tax-Free Savings Account (TFSA)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Registered Retirement Savings Plan (RRSP)<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Spousal RRSP<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Locked-in Retirement Account (LIRA)<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Registered Education Savings Plan (RESP)<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Save<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Joint Save<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Non-registered personal account<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Business<\/span><\/li>\n<\/ul>\n<\/td>\n<td>\n<ul>\n<li><span style=\"font-weight: 400;\">Individual Account<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Corporate Account<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Tax-Free Savings Account (TFSA)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Registered Retirement Savings Plan (RRSP)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Registered Education Savings Plan (RESP)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Individual Margin Account, Locked-In Retirement Account (LIRA)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Locked-In RRSP<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Registered Retirement Income Fund (RRIF)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Life Income Fund (LIF)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Investment Club Account<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Partnership Account, Sole Proprietorship Account<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Individual Informal Trust Account<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Joint Informal Trust Account<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Formal Trust Account<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cost<\/span><\/td>\n<td>\n<ul>\n<li><span style=\"font-weight: 400;\">ETFs: $0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Stocks: $0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Cryptocurrency: 1.5% &#8211; 2% per transaction<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Currency conversion: 1.5%<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Real-time Quotes: $3 per month<\/span><\/li>\n<\/ul>\n<\/td>\n<td>\n<ul>\n<li><span style=\"font-weight: 400;\">ETFs: Free to buy and $4.95 to $9.95 per sale transaction + $0.01 per share to sell<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Stocks: $4.95 to $9.95 per transaction + $0.01 per share<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Options: $9.95 + $1\/contract<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Bonds &amp; Canadian Guaranteed Investment Certificates: Min. $5,000 purchase<\/span><\/li>\n<li><span style=\"font-weight: 400;\">International equities: 1% of the trade value, Min. $195.00 + applicable exchange or stamp fees<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Precious Metals: US$19.95\/transaction<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Mutual funds: $9.95\/transaction<\/span><\/li>\n<li><span style=\"font-weight: 400;\">IPOs: $0 with a min. $5,000 transaction<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Currency conversion: 1.5% &#8211; 2%<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Real-time Quotes: $0<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Asset Types<\/span><\/td>\n<td>\n<ul>\n<li><span style=\"font-weight: 400;\">Common stocks<\/span><\/li>\n<li><span style=\"font-weight: 400;\">ETFs<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Select cryptocurrencies<\/span><\/li>\n<\/ul>\n<\/td>\n<td>\n<ul>\n<li><span style=\"font-weight: 400;\">Stocks<\/span><\/li>\n<li><span style=\"font-weight: 400;\">ETFs<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Options<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Forex<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Bonds<\/span><\/li>\n<li><span style=\"font-weight: 400;\">GICs<\/span><\/li>\n<li><span style=\"font-weight: 400;\">CFDs<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Metals<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Mutual Funds<\/span><\/li>\n<li><span style=\"font-weight: 400;\">International Equities<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minimum Balance<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,000<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Wealthsimple_vs_Questrade_At_a_Glance\"><\/span><span style=\"font-weight: 400;\">Wealthsimple vs Questrade: At a Glance<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">While both Wealthsimple and <a href=\"https:\/\/stockchase.com\/discover\/questrade-trading-review\/\">Questrade<\/a> are considered Canadian brokers, they are very distinct from each other due to their main value proposition. This makes it easy for anyone interested to choose between the two.<\/span><\/p>\n<p><b>Wealthsimple is best described as a wealth management service, while Questrade is, first and foremost, a brokerage firm.<\/b><span style=\"font-weight: 400;\"> Both companies can be described as either because they are both, of course.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But Wealthsimple is more focused on people who need help getting started with investing and managing their portfolios. And Questrade is your traditional online broker.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Wealthsimple was founded in 2014 and as of November 2021 it holds over <\/span><b>C$15 billion<\/b><span style=\"font-weight: 400;\"> in assets under management. Questrade was founded back in 1999 and it has <b>$25 billion<\/b> under management as of January 2022<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s obvious that even though Questrade is the oldest broker here, Wealthsimple got to manage a lot of money in a much shorter period of activity.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Taking that into account, it\u2019s safe to say that you can\u2019t really go wrong with any of the two brokers here. They\u2019re both prominent enough in their own way.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Wealthsimple_vs_Questrade_Account_Types\"><\/span><span style=\"font-weight: 400;\">Wealthsimple vs Questrade: Account Types<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Let\u2019s now take a look at the accounts that you can open with each broker. We will first see the registered account types that are available with both of them and the ones that each broker offers but the other does not.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Wealthsimple_and_Questrades_Common_Account_Types\"><\/span><span style=\"font-weight: 400;\">Wealthsimple and Questrade\u2019s Common Account Types<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.investopedia.com\/terms\/t\/tax-free-savings-account-tfsa.asp\" target=\"_blank\" rel=\"noopener\"><b>Tax-Free Savings Account<\/b><\/a><b> (TFSA)<\/b><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">An investment account that you can use to invest and not get taxed on your gains<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.investopedia.com\/terms\/r\/rrsp.asp\" target=\"_blank\" rel=\"noopener\"><b>Registered Retirement Savings Plan<\/b><\/a><b> (RRSP)<\/b><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A retirement account that you can invest through and reduce your taxes by subtracting\u00a0 your contributions from your income<\/span><\/span><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.investopedia.com\/terms\/r\/resp.asp\" target=\"_blank\" rel=\"noopener\"><b>Registered Education Savings Plan<\/b><\/a><b> (RESP)<\/b><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">An account that is specifically for putting money aside for a child&#8217;s education<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Wealthsimple_Account_Types_that_Questrade_Doesnt_Offer\"><\/span><span style=\"font-weight: 400;\">Wealthsimple (Account Types that Questrade Doesn\u2019t Offer)<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.wealthsimple.com\/en-ca\/learn\/spousal-rrsp\" target=\"_blank\" rel=\"noopener\"><b>Spousal Registered Retirement Savings Plan<\/b><\/a><b> (Spousal RRSP)<\/b><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A retirement account that a couple can use to lower the tax they would be paying if they\u2019re in a different tax bracket<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.investopedia.com\/terms\/l\/locked-in-retirement-account.asp\" target=\"_blank\" rel=\"noopener\"><b>Locked-in retirement account<\/b><\/a><b> (LIRA)<\/b><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">A retirement account that can be used to transfer a pension plan\u2019s funds to<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Questrade_Account_Types_that_Wealthsimple_Doesnt_Offer\"><\/span><span style=\"font-weight: 400;\">Questrade (Account Types that Wealthsimple Doesn\u2019t Offer)<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.investopedia.com\/terms\/m\/marginaccount.asp\" target=\"_blank\" rel=\"noopener\"><b>Individual Margin Account<\/b><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/a><span style=\"font-weight: 400;\">A brokerage account that allows you to use leverage to invest by borrowing money against the investments in your account<\/span><\/li>\n<\/ul>\n<p>If this is the first time opening a Questrade account, you will get <a href=\"https:\/\/www.questrade.com\/campaigns\/qbaffl50t102?refid=ifugidvd\" target=\"_blank\" rel=\"noopener\">$50<\/a> in free trades after you fund your account with at least $1,000.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Wealthsimple_vs_Questrade_Offerings_and_Fees\"><\/span><span style=\"font-weight: 400;\">Wealthsimple vs Questrade: Offerings and Fees<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Let us now examine the offerings\/assets that each broker provides. Again, we will first talk about the ones that both brokers offer and then what is exclusive with each broker in regards to the comparison between the two.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Wealthsimple_and_Questrades_Common_Offerings\"><\/span><span style=\"font-weight: 400;\">Wealthsimple and Questrade\u2019s Common Offerings<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Everything that Wealthsimple offers regarding trading securities falls under the <a href=\"https:\/\/stockchase.com\/discover\/go\/wtrade\">Wealthsimple Trade<\/a> category (if you&#8217;re opening an account for the first time, you&#8217;ll get <a href=\"https:\/\/my.wealthsimple.com\/app\/public\/promo?code=stockchasetrade&amp;locale=en-ca&amp;clickid=TUIQ4yw2exyIUgg3y0R:YzP4UkGz7hSlVzwM2I0&amp;irgwc=1&amp;utm_source=impactradius&amp;utm_term=Online%20Tracking%20Link_ONLINE_TRACKING_LINK&amp;utm_medium=performance&amp;utm_campaign=1790066\" target=\"_blank\" rel=\"noopener\">$50<\/a> if you trade at least $150). Questrade doesn\u2019t categorize the assets it offers because it doesn\u2019t provide as many different financial services as Wealthsimple.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trading <\/span><b>ETFs and stocks<\/b><span style=\"font-weight: 400;\"> will cost you <\/span><b>nothing at all<\/b><span style=\"font-weight: 400;\"> with Wealthsimple, while Questrade charges <\/span><b>$4.95 to $9.95<\/b><span style=\"font-weight: 400;\"> per transaction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Currency conversion is <\/span><b>1.5%<\/b><span style=\"font-weight: 400;\"> with Wealthsimple and <\/span><b>1.5% to 2%<\/b><span style=\"font-weight: 400;\"> with Questrade.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As for real-time quotes, Wealthsimple charges <\/span><b>$3 per month<\/b><span style=\"font-weight: 400;\"> while Questrade grants you access for <\/span><b>free<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Wealthsimple_Offerings_that_Questrade_Doesnt_Have\"><\/span><span style=\"font-weight: 400;\">Wealthsimple (Offerings that Questrade Doesn\u2019t Have)<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h4><span class=\"ez-toc-section\" id=\"Wealthsimple_Invest\"><\/span><span style=\"font-weight: 400;\">Wealthsimple Invest<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Wealthsimple\u2019s most famous offering, <\/span><a href=\"https:\/\/stockchase.com\/discover\/go\/winvest\"><b>Wealthsimple Invest<\/b><\/a><span style=\"font-weight: 400;\">, is its main wealth management service. It will create a personalized portfolio for its customers and invest their money into Exchange Traded Funds (ETFs). Wealthsimple will also give you a <a href=\"https:\/\/my.wealthsimple.com\/app\/public\/promo?code=stockchase&amp;locale=en-ca&amp;clickid=TUIQ4yw2exyIUgg3y0R:YzP4UkGz7hSlVzwM2I0&amp;irgwc=1&amp;utm_source=impactradius&amp;utm_term=Online%20Tracking%20Link_ONLINE_TRACKING_LINK&amp;utm_medium=performance&amp;utm_campaign=1790066\" target=\"_blank\" rel=\"noopener\">$50 bonus<\/a> when you open and fund your first Wealthsimple Invest account with at least a $500 initial deposit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you have less than $100k to invest, this service will cost you a <\/span><b>0.5%<\/b><span style=\"font-weight: 400;\"> management fee that will be applied annually. For more than $100k, the fee is <\/span><b>0.4%<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Wealthsimple_Cash\"><\/span><span style=\"font-weight: 400;\">Wealthsimple Cash<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The company also offers a money transfer service called <\/span><b>Wealthsimple Cash<\/b><span style=\"font-weight: 400;\"> and it costs nothing at all.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Wealthsimple_Crypto\"><\/span><span style=\"font-weight: 400;\">Wealthsimple Crypto<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Those who want to trade crypto will be able to do so through the broker\u2019s <\/span><b>Wealthsimple Crypto<\/b><span style=\"font-weight: 400;\"> service.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just keep in mind that you won\u2019t have access to every cryptocurrency out there; only the most prominent ones. Wealthsimple charges 1.5% to 2% of the total sum invested per transaction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Note: While Questrade doesn\u2019t offer crypto, you can buy ETFs that get you exposure to cryptocurrencies.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Questrade_Offerings_that_Wealthsimple_Doesnt_Have\"><\/span><span style=\"font-weight: 400;\">Questrade (Offerings that Wealthsimple Doesn\u2019t Have)<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h4><span class=\"ez-toc-section\" id=\"Preferred_Stocks\"><\/span><span style=\"font-weight: 400;\">Preferred Stocks<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Buying and selling preferred stocks costs the same as trading common stocks.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Options\"><\/span><span style=\"font-weight: 400;\">Options<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Trading options with Questrade will cost you <\/span><b>$9.95<\/b><span style=\"font-weight: 400;\"> per transaction and <\/span><b>$1<\/b><span style=\"font-weight: 400;\"> per contract, which is a bit high.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Bonds_and_Canadian_Guaranteed_Investment_Certificates\"><\/span><span style=\"font-weight: 400;\">Bonds and Canadian Guaranteed Investment Certificates<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Buying bonds and Canadian Guaranteed Investment Certificates with Questrade requires a minimum investment of <\/span><b>$5,000<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"International_Equities\"><\/span><span style=\"font-weight: 400;\">International Equities<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">International equities will cost you <\/span><b>1%<\/b><span style=\"font-weight: 400;\"> of the trade value and the minimum required investment is <\/span><b>$195<\/b><span style=\"font-weight: 400;\">. Note that exchange or stamp fees apply as well.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Precious_Metals\"><\/span><span style=\"font-weight: 400;\">Precious Metals<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">When it comes to precious metals, Questrade charges <\/span><b>US$19.95<\/b><span style=\"font-weight: 400;\"> per transaction.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Mutual_funds\"><\/span><span style=\"font-weight: 400;\">Mutual funds<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Trading mutual funds will cost <\/span><b>$9.95<\/b><span style=\"font-weight: 400;\"> per transaction.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"IPOs\"><\/span><span style=\"font-weight: 400;\">IPOs<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">IPOs cost the same as if you trade any stock, except for when you invest <\/span><b>$5,000<\/b><span style=\"font-weight: 400;\"> or more per transaction, which in this case the service is free.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Wealthsimple_vs_Questrade_Safety\"><\/span><span style=\"font-weight: 400;\">Wealthsimple vs Questrade: Safety<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" class=\"size-medium wp-image-263798 aligncenter\" src=\"https:\/\/stockchase.com\/discover\/wp-content\/uploads\/2022\/02\/Safety-760x237.png\" alt=\"A hand holding a phone with a lock appearing on the screen\" width=\"760\" height=\"237\" data-wp-pid=\"263798\" \/><\/p>\n<p><span style=\"font-weight: 400;\">When it comes to safety, you won\u2019t have to worry about either broker.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/stockchase.com\/discover\/go\/winvest\">Wealthsimple Invest<\/a> and <a href=\"https:\/\/stockchase.com\/discover\/go\/wtrade\">Wealthsimple Trade<\/a> accounts are held by ShareOwner Inc. which is a <\/span><a href=\"https:\/\/www.cipf.ca\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Canadian Investor Protection Fund<\/span><\/a><span style=\"font-weight: 400;\"> (CIPF) member and is regulated by the <\/span><a href=\"https:\/\/www.iiroc.ca\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Investment Industry Regulatory Organization of Canada<\/span><\/a><span style=\"font-weight: 400;\"> (IIROC).<\/span><\/p>\n<p><b>This means that if Wealthsimple goes bankrupt, your money is insured up to $1 million per account by CIPF.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The same applies to Questrade, but this broker also has <\/span><b>private insurance<\/b><span style=\"font-weight: 400;\"> and ensures up to <\/span><b>$10 million per client<\/b><span style=\"font-weight: 400;\">, on top of the $1 million insurance that CIPF provides.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion_Which_is_the_Right_Broker_for_you\"><\/span><span style=\"font-weight: 400;\">Conclusion: Which is the Right Broker for you?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As you can see, <a href=\"https:\/\/stockchase.com\/discover\/go\/winvest\">Wealthsimple<\/a><\/span><span style=\"font-weight: 400;\">\u00a0is more for those who want to invest in a hands-off way and don\u2019t want to be bothered with things like dividend re-investing and rebalancing on their own.<\/span><\/p>\n<p><b>If you intend to buy some prominent stocks and ETFs, the $0 commission is a plus you need to consider when it comes to Wealthsimple.<\/b><\/p>\n<p><b><a href=\"https:\/\/stockchase.com\/discover\/go\/questrade\/\">Questrade<\/a><\/b><b>, on the other hand, is ideal for those who are looking for access to a greater variety of assets like preferred shares, international stocks, mutual funds, precious metals, bonds, and options.<\/b><span style=\"font-weight: 400;\"> But you will have to be prepared for the high fees that come with some of these offerings.<\/span><\/p>\n<p>Did you find this Wealthsimple vs Questrade comparison useful? If so, please consider sharing this post with others who may be torn between the two brokers. Also, leave a comment down below if you have any questions&#8230;<\/p>\n<p><a title=\"wquestrade-promo\" href=\"https:\/\/stockchase.com\/discover\/go\/wquestrade-promo\/\" target=\"_blank\" rel=\"nofollow noopener\">Open a Questrade account <\/a>or <a title=\"wwinvest\" href=\"https:\/\/stockchase.com\/discover\/go\/wwinvest\/\" target=\"_blank\" rel=\"nofollow noopener\">Wealthsimple<\/a>\u00a0account today.<\/p>\n<p><span style=\"font-weight: 400;\">Don\u2019t forget that whatever broker you decide to go with, it\u2019s a good idea to connect your brokerage account with the rest of your assets to always have the complete picture of your finances.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s why we created <\/span><a href=\"https:\/\/wealthica.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Wealthica<\/span><\/a><span style=\"font-weight: 400;\">; to help people like you who have (or are going to have) multiple accounts that their net worths are tied to.<\/span><\/p>\n<p><b>Wealthica is a free financial data aggregator that will connect all of your accounts and give you access to what most people don\u2019t have; a definite idea of where you are financially so you know where to go.<\/b><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/app.wealthica.com\/sign-up?\" target=\"_blank\" rel=\"noopener\">Sign up to Wealthica today<\/a> and get control of your finances\u2026<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Wealthsimple_vs_Questrade_FAQ\"><\/span><span style=\"font-weight: 400;\">Wealthsimple vs Questrade: FAQ<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Should_I_use_both_Questrade_and_Wealthsimple\"><\/span><span style=\"font-weight: 400;\">Should I use both Questrade and Wealthsimple?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">You should use both Questrade and Wealthsimple if you are looking for a wealth management\/money transfer service and you also need access to more offerings like international stocks, mutual funds, options, etc.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Questrade_the_same_as_Wealthsimple\"><\/span><span style=\"font-weight: 400;\">Is Questrade the same as Wealthsimple?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Not exactly the same. Both companies differ in regards to what their main offering is. Questrade is, first and foremost, an online brokerage firm, while Wealthsimple is more focused on wealth management services.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_I_transfer_stocks_from_Wealthsimple_to_Questrade\"><\/span><span style=\"font-weight: 400;\">Can I transfer stocks from Wealthsimple to Questrade?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Yes. Wealthsimple states that it will move your account to another institution, with no fees charged. Questrade also states that it accepts account transfers from other institutions and it won\u2019t charge you a fee for the service.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are considering opening a brokerage account with either Wealthsimple\u00a0or Questrade, you\u2019re in the right place. We compared the two companies in regards to their account types, offerings, fees, and safety to give you the complete picture before you [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":263799,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cwp_meta_box_check":"No","cwp_rev_product_name":"","cwp_rev_product_image":"","wppr_links":[],"cwp_rev_price":"","wppr_options":[],"wppr_pros":[],"wppr_cons":[],"footnotes":""},"categories":[9],"tags":[],"class_list":["post-256689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top"],"wppr_data":{"cwp_meta_box_check":"No"},"_links":{"self":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/256689","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/comments?post=256689"}],"version-history":[{"count":4,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/256689\/revisions"}],"predecessor-version":[{"id":341673,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/256689\/revisions\/341673"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media\/263799"}],"wp:attachment":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media?parent=256689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/categories?post=256689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/tags?post=256689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}